<![CDATA[Firm value reflects investors’ assessment of a company’s performance and prospects. This study contributes by examining whether governance and corporate characteristics explain healthcare firm value after controlling for key financial fundamentals. Using annual-report data from healthcare companies listed on the Indonesia Stock Exchange during 2019–2023, the study applies panel-data regression to a final sample of 17 firms and 85 firm-year observations. The Random Effects Model results show that dividend policy, board independence, managerial ownership, and firm age do not significantly affect firm value. In contrast, profitability, firm size, and leverage have significant positive effects on firm value. These findings indicate that healthcare firm valuation during the study period was more strongly associated with financial fundamentals than with dividend policy, governance structure, or organizational maturity. Managers and investors should therefore prioritize profitability, scale, and prudent capital-structure management when assessing and enhancing firm value.]]>
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